Tether Partners with RAK Digital Assets Oasis for Blockchain Development in Ras Al Khaimah
Tether, the largest issuer of the USDT stablecoin with a market capitalization of $111.2 billion, has entered into a strategic partnership with RAK Digital Assets Oasis (RAK DAO), a free economic zone for cryptocurrency companies in the emirate of Ras Al Khaimah. This collaboration marks the first step in a series of initiatives aimed at developing blockchain technologies and using stablecoins in the region.
RAK DAO, established in early 2023, is designed to support and nurture cryptocurrency and blockchain startups in an environment free from traditional regulatory oversight. The zone has already attracted more than 100 companies operating in the digital asset and Web 3.0 spheres, requiring service providers to register to operate within its framework.
As part of the new partnership, Tether will facilitate the adoption of crypto payments in the region and develop educational programs on blockchain technologies. Tether’s educational division, Tether Edu, will be responsible for creating courses and initiatives covering topics ranging from bitcoin and blockchain to the use of stablecoins and innovative cryptocurrency applications.
Paolo Ardoino, the head of Tether, expressed confidence that Ras Al Khaimah could become a leading center for blockchain innovation in the region, noting the company’s commitment to supporting and advancing this initiative. Dr. Sami Al Ansari, CEO of RAK DAO, emphasized the goal of harnessing the potential of bitcoin and cryptocurrencies to stimulate economic growth and expand access to financial services.
The collaboration between Tether and RAK DAO underscores the growing interest in blockchain technologies in the region and the desire to create a favorable environment for innovative startups.
